MedNexis, Inc.

Medical Equipment Business Plan

Management Summary

The founders of MedNexis are Daniel Burnett, Loy Hong Chia, Michael Marriott, and Nathan Wain. Daniel will serve the company as Director of Research and Development, Nathan Wain will serve as interim Chief Financial Officer, and Michael Marriott will serve as interim Chief Operations Officer. Loy will serve the company as Director of Finance & Corporate Development. A Chief Executive Officer will be recruited.

Their biographies follow in the Management Team section. Several key people are being sought, and they are summarized in Management Team Gaps.

7.1 Management Team

Principals:

Mr. Loy Hong Chia: Mr. Chia graduated from Griffith University (Brisbane, Australia), with a triple major in Accounting and Finance, Economics, and Management of Information Systems in 1993. He joined PricewaterhouseCoopers (Singapore) in the Audit Division upon graduation. His experience includes industry bases such as information technology, manufacturing, trading, and other key industry sectors. Subsequently, Mr. Chia joined a leading investment bank in Singapore covering the Asian markets. His responsibilities included corporate advisory work and management of teams for Initial Public Offerings and Mergers & Acquisitions. Mr. Chia is a CPA (Australian Society of Certified Public Accountants) and is also currently a director of a start-up company in Singapore involved in the providence of banking intelligence. The company was incorporated in 1996 and its principle activities include a banking journal publication, proprietary research reports, and round-tables for senior bankers in the Asia Pacific region. Mr. Chia is currently enrolled at the Fuqua School of Business, Duke University, Class of 2001.

Mr. Daniel Burnett: Currently an MD/MBA student at Duke University, Mr. Burnett has a long history of biomedical device design and testing. During his undergraduate career at the University of Pennsylvania, Mr. Burnett concentrated in Biomedical Engineering with a cumulative GPA of 4.0 in his major. While pursuing his undergraduate degree, he led a team which designed toys for children with cerebral palsy and was subsequently awarded the Excellence in Senior Design Award by the Department of Bioengineering. To augment his academic experience, Mr. Burnett spent a total of 10 months at the FDA, both testing devices and writing congressional reports on the current state-of-the-art devices. In addition to currently pursuing an MD/MBA, Mr. Burnett also has invented a myringotomy tube insertion device (patent pending) and has worked on the development of the MedStim and TheraMag systems (patent pending).

Mike Marriott: Mr. Marriott graduated from the University of Utah with a degree in History and Economics in 1995. Subsequently, Mr. Marriott has had experience developing businesses in the retail and hospitality industries. He designed and develop the Switchback Grille and Trading Company, the Countryside Grille and Pizza Company, and functioned as a franchisee for Country Kitchen Restaurant. Mr. Marriott handled the business development responsibilities for each organization and served as the general manager of each property. Currently, he is a candidate for an MBA from the Fuqua School of Business in May 2000

Nathan Wain: A candidate for MBA, class of 2001 at Duke University's Fuqua School of Business. Mr. Wain's experience consists of founding and operating United Fitness Centers of America (UFCA) Marketing, Inc. UFCA provides marketing and management consulting services to fitness centers. Mr. Wain was president of the company from November 1991 to May 1999.

Mr. Brian Bell: A Georgetown graduate and currently an MBA student at Duke University, Brian spent over seven years flying for the Navy as a Naval Flight Officer and Flight Instructor in P-3's and T-1's. His Navy background also includes scheduling and operations management, as well as material procurement and aircraft maintenance.

Consultants:

Dr. Daniel Dore: Dr. Dore is currently the Director of Clinical Services in the Physical and Occupational Therapy department at Duke University. He has assisted in the launch and management of multiple clinical trials which have set the standard for physical therapy care. Dr. Dore will be assisting MedNexis in the management of its research.

7.2 Management Team Gaps

An experienced CEO is actively being sought. The founders of the company will conduct the search. The desired profile is for a CEO experienced in the medical device arena, ideally who was part of a previous successful start-up venture.

The CEO will help to identify and bring in a Vice President of Sales and Marketing.

The company will search for design engineers and consultants.

7.3 Personnel Plan

The Personnel Plan chronicles the growth of the organization to approximately 40 - 60 employees in the first five years. The third year could require a few additional people besides those indicated, based on the growth of the company in accordance with the business plan.

Personnel Plan

Year 1

Year 2

Year 3

Year 4

Year 5

Production Personnel

Production Manager

$0

$0

$0

$0

$0

Other

$0

$0

$0

$0

$0

Subtotal

$0

$0

$0

$0

$0

Sales and Marketing Personnel

VP Sales/Marketing

$36,000

$90,000

$95,000

$180,000

$210,000

Sales Manager

$0

$65,000

$160,000

$240,000

$420,000

Field Sales Manager

$0

$55,000

$130,000

$180,000

$280,000

Marketing/Product Manager

$0

$65,000

$140,000

$156,000

$250,000

Sales Reps

$0

$280,000

$560,000

$1,120,000

$1,820,000

Sales Administrator

$0

$60,000

$130,000

$240,000

$560,000

Other

$0

$20,000

$25,000

$40,000

$70,000

Subtotal

$36,000

$635,000

$1,240,000

$2,156,000

$3,610,000

General and Administrative Personnel

CEO

$72,000

$150,000

$180,000

$230,000

$300,000

CFO

$48,000

$120,000

$160,000

$210,000

$270,000

VP Corp Development

$10,000

$85,000

$92,000

$100,000

$120,000

Executive Assistant

$4,000

$30,000

$70,000

$80,000

$140,000

Executive Secretary

$0

$24,000

$80,000

$120,000

$130,000

Controller

$0

$0

$48,000

$56,000

$78,000

Adminstrative Staff (4)

$0

$0

$88,000

$96,000

$120,000

Other

$0

$10,000

$13,000

$18,000

$24,000

Subtotal

$134,000

$419,000

$731,000

$910,000

$1,182,000

Other Personnel

VP Research & Development

$48,000

$90,000

$120,000

$130,000

$150,000

Quality Contol Engineer

$0

$50,000

$60,000

$68,000

$75,000

Design Engineer

$36,000

$75,000

$80,000

$88,000

$100,000

Research Engineers (2)

$0

$0

$140,000

$154,000

$170,000

Junior Engineer

$15,000

$45,000

$52,000

$60,000

$68,000

Other

$0

$0

$0

$0

$0

Subtotal

$99,000

$260,000

$452,000

$500,000

$563,000

Total People

7

20

33

45

60

Total Payroll

$269,000

$1,314,000

$2,423,000

$3,566,000

$5,355,000

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